EXHIBITION PARK CORPORATION
Purpose
The Exhibition Park Corporation (the Corporation) was established under the Exhibition Park Corporation Act 1976. The major goals of the Corporation are to manage, develop and maintain a multipurpose exhibition and event centre of national standard to meet the requirements of the Corporation’s major clients, the community of the ACT and the surrounding region.
The Corporation aims to promote the use of the Exhibition Park in Canberra (EPIC) complex and increase public awareness of the facilities and services available with a view to optimising revenue and continuously improving operational efficiency.
Additionally, the Corporation endeavours to ensure:
- operational self-sufficiency through increasing revenue from events and other activities and expanding the client base;
- that the highest standard of service is provided to all clients and patrons while minimising costs; and
- that all buildings and grounds are maintained to a standard commensurate with a high profile facility located in the National Capital.
2012-13 Priorities
Strategic and operational issues to be pursued in 201213 include:
- identifying and implementing investment and commercial opportunities at EPIC including leasing land along Morisset Street and the leasing of the Service Station site;
- continuing EPC’s rejuvenation program for the site, with the proposed development of a strategic management plan including a land use master plan;
- progressing the development of EPIC’s low budget tourist accommodation for patrons of EPIC’s events, school and sporting groups, and the touring public;
- upgrading the Conference Centre and Parkes Room in order to continue to meet hirer, audience and community expectations;
- continuing to increase occupancy at EPIC’s camping/caravan site through a targeted marketing strategy;
- ensuring the venue continues to provide excellent customer service to clients, enabling the assurance of future business;
- ensuring continuous improvement of environmentally sustainable measures;
- attracting new major and high yield events; and
- providing a safe, clean, comfortable and secure environment.
Estimated Employment Levels
201011Actual Outcome / 2011-12
Budget / 2011-12
Est. Outcome / 2012-13
Budget
11 / Staffing (FTE) / 11 / 141 / 13
Note:
- The increase of 3 FTE in the 2011-12 estimated outcome from the original budget is due to the Chief Financial Officer’s position being brought in-house, an extra position being created in the camping division as a result of increased demand and a temporary project management position to facilitate the capital works projects.
Changes to Appropriation
Changes to Appropriation - Controlled2011-12 / 2012-13 / 2013-14 / 2014-15 / 2015-16
Government Payment for Outputs / Est. Out. / Budget / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / $'000 / $'000
2011-12 Budget / 387 / 408 / 419 / 430 / 430
2nd Appropriation
Revised Wage Parameters / 1 / 4 / 4 / 4 / 5
2012-13 Budget Technical Adjustment
Revised Indexation Parameters – CSOPayments / - / - / - / - / 11
2012-13 Budget / 388 / 412 / 423 / 434 / 446
Changes to Appropriation - Controlled
2011-12 / 2012-13 / 2013-14 / 2014-15 / 2015-16
Capital Injections / Est. Out. / Budget / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / $'000 / $'000
2011-12 Budget / 3,491 / 526 / 539 / 552 / 552
FMA Section 16B Rollover from 2010-11
Use of Non-Potable Water for Irrigation of the EPC Venue / 642 / - / - / - / -
Installation of Electronic Billboard / 50
2012-13 Budget Policy Adjustment
Conference Centre and Parkes Room Refurbishment / - / 605 / - / - / -
2012-13 Budget Technical Adjustments
Capital Upgrades Indexation / - / - / - / - / 14
Rollover –Toilet and Shower Block Upgrade / (695) / 695 / - / - / -
2012-13 Budget / 3,488 / 1,826 / 539 / 552 / 566
2012-13 Capital Works Program
Estimated / Estimated / 201213 / 201314 / 201415 / PhysicalTotal / Expenditure / Financing / Financing / Financing / Completion
Cost / Pre 201213 / Date
$’000 / $’000 / $’000 / $’000 / $’000
New Capital Works
Conference Centre and Parkes Room Refurbishment / 605 / - / 605 / - / - / Jun 2013
Total New Capital Works / 605 / - / 605 / - / -
Capital Upgrades
Infrastructure and Equipment / 526 / - / 526 / June 2013
Total Capital Upgrades / 526 / - / 526
Total New Works / 1,131 / - / 1,131 / - / -
Works in Progress
Toilet and Shower Block Upgrade / 770 / 75 / 695 / - / - / Oct 2012
Total Works in Progress / 770 / 75 / 695 / - / -
Total Capital Works Program / 1,901 / 75 / 1,826 / - / -
Exhibition Park Corporation
Operating Statement
2011-12 / 2011-12 / 2012-13 / 2013-14 / 2014-15 / 2015-16
Budget / Est. Outcome / Budget / Var / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
Income
Revenue
387 / Government Payment for
Outputs / 388 / 412 / 6 / 423 / 434 / 446
2,013 / User Charges - Non ACT
Government / 2,365 / 2,534 / 7 / 2,700 / 2,800 / 2,900
82 / Interest / 82 / 68 / -17 / 58 / 48 / 48
0 / Other Revenue / 175 / 0 / -100 / 0 / 0 / 0
2,482 / Total Revenue / 3,010 / 3,014 / .. / 3,181 / 3,282 / 3,394
2,482 / Total Income / 3,010 / 3,014 / .. / 3,181 / 3,282 / 3,394
Expenses
873 / Employee Expenses / 1,306 / 1,289 / -1 / 1,312 / 1,352 / 1,406
135 / Superannuation Expenses / 156 / 163 / 4 / 169 / 175 / 182
1,688 / Supplies and Services / 1,904 / 1,757 / -8 / 1,862 / 1,981 / 2,065
695 / Depreciation and
Amortisation / 695 / 724 / 4 / 734 / 747 / 747
1 / Borrowing Costs / 1 / 1 / - / 1 / 1 / 1
3,392 / Total Ordinary Expenses / 4,062 / 3,934 / -3 / 4,078 / 4,256 / 4,401
-910 / Operating Result / -1,052 / -920 / 13 / -897 / -974 / -1,007
-910 / Total Comprehensive
Income / -1,052 / -920 / 13 / -897 / -974 / -1,007
Exhibition Park Corporation
Balance Sheet
Budget / Est. Outcome / Planned / Planned / Planned / Planned
as at 30/6/12 / as at 30/6/12 / as at 30/6/13 / Var / as at 30/6/14 / as at 30/6/15 / as at 30/6/16
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
Current Assets
1,562 / Cash and Cash
Equivalents / 1,434 / 1,116 / -22 / 823 / 466 / 96
73 / Receivables / 268 / 306 / 14 / 254 / 277 / 220
49 / Other Current Assets / 9 / 9 / - / 9 / 9 / 9
1,684 / Total Current Assets / 1,711 / 1,431 / -16 / 1,086 / 752 / 325
Non Current Assets
34,411 / Property, Plant and
Equipment / 33,675 / 34,849 / 3 / 34,804 / 34,684 / 34,658
2,500 / Investment Property / 2,500 / 2,500 / - / 2,500 / 2,500 / 2,500
36,911 / Total Non Current Assets / 36,175 / 37,349 / 3 / 37,304 / 37,184 / 37,158
38,595 / TOTAL ASSETS / 37,886 / 38,780 / 2 / 38,390 / 37,936 / 37,483
Current Liabilities
164 / Payables / 468 / 453 / -3 / 451 / 434 / 423
20 / Interest-Bearing Liabilities / 17 / 17 / - / 17 / 0 / 0
12 / Finance Leases / 7 / 7 / - / 7 / 0 / 0
320 / Employee Benefits / 312 / 327 / 5 / 329 / 346 / 357
76 / Other Liabilities / 99 / 99 / - / 94 / 94 / 88
592 / Total Current Liabilities / 903 / 903 / - / 898 / 874 / 868
Non Current Liabilities
40 / Interest-Bearing Liabilities / 0 / 0 / - / 0 / 0 / 0
0 / Finance Leases / 11 / 21 / 91 / 11 / 5 / 0
10 / Employee Benefits / 10 / 10 / - / 10 / 10 / 10
7 / Other / 42 / 20 / -52 / 3 / 1 / 0
57 / Total Non Current Liabilities / 63 / 51 / -19 / 24 / 16 / 10
649 / TOTAL LIABILITIES / 966 / 954 / -1 / 922 / 890 / 878
37,946 / NET ASSETS / 36,920 / 37,826 / 2 / 37,468 / 37,046 / 36,605
REPRESENTED BY FUNDS
EMPLOYED
23,044 / Accumulated Funds / 22,018 / 22,924 / 4 / 22,566 / 22,144 / 21,703
14,902 / Reserves / 14,902 / 14,902 / - / 14,902 / 14,902 / 14,902
37,946 / TOTAL FUNDS EMPLOYED / 36,920 / 37,826 / 2 / 37,468 / 37,046 / 36,605
Exhibition Park Corporation
Statement of Changes in Equity
Budget / Est. Outcome / Planned / Planned / Planned / Planned
as at 30/6/12 / as at 30/6/12 / as at 30/6/13 / Var / as at 30/6/14 / as at 30/6/15 / as at 30/6/16
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
Opening Equity
20,463 / Opening Accumulated Funds / 19,582 / 22,018 / 12 / 22,924 / 22,566 / 22,144
14,902 / Opening Asset Revaluation
Reserve / 14,902 / 14,902 / - / 14,902 / 14,902 / 14,902
35,365 / Balance at the Start of the
Reporting Period / 34,484 / 36,920 / 7 / 37,826 / 37,468 / 37,046
Comprehensive Income
-910 / Operating Result for the
Period / -1,052 / -920 / 13 / -897 / -974 / -1,007
-910 / Total Comprehensive
Income / -1,052 / -920 / 13 / -897 / -974 / -1,007
0 / Total Movement in Reserves / 0 / 0 / - / 0 / 0 / 0
Transactions Involving
Owners Affecting
Accumulated Funds
3,491 / Capital Injections / 3,488 / 1,826 / -48 / 539 / 552 / 566
3,491 / Total Transactions Involving
Owners Affecting
Accumulated Funds / 3,488 / 1,826 / -48 / 539 / 552 / 566
Closing Equity
23,044 / Closing Accumulated Funds / 22,018 / 22,924 / 4 / 22,566 / 22,144 / 21,703
14,902 / Closing Asset Revaluation
Reserve / 14,902 / 14,902 / - / 14,902 / 14,902 / 14,902
37,946 / Balance at the End of the
Reporting Period / 36,920 / 37,826 / 2 / 37,468 / 37,046 / 36,605
Exhibition Park Corporation
Cash Flow Statement
2011-12 / 2011-12 / 2012-13 / 2013-14 / 2014-15 / 2015-16
Budget / Est. Outcome / Budget / Var / Estimate / Estimate / Estimate
$'000 / $'000 / $'000 / % / $'000 / $'000 / $'000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts
387 / Cash from Government - CSO
Payments / 388 / 412 / 6 / 423 / 434 / 446
2,013 / User Charges / 2,540 / 2,534 / .. / 2,700 / 2,800 / 2,900
82 / Interest Received / 82 / 68 / -17 / 58 / 48 / 48
400 / Other Receipts / 400 / 400 / - / 400 / 400 / 400
2,882 / Operating Receipts / 3,410 / 3,414 / .. / 3,581 / 3,682 / 3,794
Payments
873 / Related to Employees / 1,247 / 1,290 / 3 / 1,314 / 1,355 / 1,410
135 / Related to Superannuation / 156 / 162 / 4 / 167 / 172 / 178
1,688 / Related to Supplies and
Services / 1,904 / 1,757 / -8 / 1,862 / 1,981 / 2,065
1 / Borrowing Costs / 1 / 1 / - / 1 / 1 / 1
400 / Other / 400 / 400 / - / 400 / 400 / 400
3,097 / Operating Payments / 3,708 / 3,610 / -3 / 3,744 / 3,909 / 4,054
-215 / NET CASH INFLOW/
(OUTFLOW) FROM
OPERATING ACTIVITIES / -298 / -196 / 34 / -163 / -227 / -260
CASH FLOWS FROM INVESTING ACTIVITIES
Receipts
0 / Proceeds from Sale of
Property, Plant
and Equipment / 0 / 18 / # / 0 / 0 / 0
0 / Investing Receipts / 0 / 18 / # / 0 / 0 / 0
Payments
3,591 / Purchase of Property, Plant
and Equipment
and Capital Works / 3,588 / 1,926 / -46 / 639 / 652 / 666
3,591 / Investing Payments / 3,588 / 1,926 / -46 / 639 / 652 / 666
-3,591 / NET CASH INFLOW/
(OUTFLOW) FROM
INVESTING ACTIVITIES / -3,588 / -1,908 / 47 / -639 / -652 / -666
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts
3,491 / Capital Injections from
Government / 3,488 / 1,826 / -48 / 539 / 552 / 566
3,491 / Financing Receipts / 3,488 / 1,826 / -48 / 539 / 552 / 566
Payments
20 / Repayment of Advance to
Government Agencies / 20 / 20 / 0 / 20 / 20 / 0
10 / Repayment of Finance Leases / 10 / 20 / 100 / 10 / 10 / 10
30 / Financing Payments / 30 / 40 / 33 / 30 / 30 / 10
3,461 / NET CASH INFLOW/
(OUTFLOW) FROM
FINANCING ACTIVITIES / 3,458 / 1,786 / -48 / 509 / 522 / 556
-345 / NET INCREASE / (DECREASE)
IN CASH HELD / -428 / -318 / 26 / -293 / -357 / -370
1,907 / CASH AT THE BEGINNING OF
REPORTING PERIOD / 1,862 / 1,434 / -23 / 1,116 / 823 / 466
1,562 / CASH AT THE END OF
REPORTING PERIOD / 1,434 / 1,116 / -22 / 823 / 466 / 96
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
- user charges –nonACT Government:
–the increase of $0.352 million in the 201112 estimated outcome from the original budget is due to improved trading across various revenue sectors including events and camping revenue; and
–the increase of $0.169 million in the 2012-13Budget from the 2011-12 estimated outcome is due to the estimated increased patronage during the Centenary of Canberra Celebrations.
- other revenue: the increase of $0.175 million in the 2011-12 estimated outcome from the original budget and the decrease of $0.175million in the 2012-13Budget from the estimated outcome is due to a one-off contribution from the service station lessee for works associated with the redevelopment of the site.
- employee expenses: the increase of $0.433 million in the 201112 estimated outcome from the original budget is due to an increase in staffing, partially offset by a reduction in contractors.
- supplies and services:
–the increase of $0.216 million in the 201112 estimated outcome from the original budget is due to the increased costs associated with additional events, maintenance required to maintain ageing infrastructure and the implementation of measures to ensure ongoing compliance with safety regulations; and
–the decreaseof $0.147 millionin the 2012-13 Budget from the 2011-12 estimated outcome is due to lower water costs following the commissioning of the nonpotable water tanks and reduced compliance expenses.
Balance Sheet
- cash and cash equivalents: as noted above in supplies and services.
- receivables: the increase of $0.195 million in the 2011-12 estimated outcome from the original budget is due to the timing of debtor collections based on the average monthly sales in the last quarter of the financial year.
- property, plant and equipment: the increase of $1.174 million in the 2012-13 Budget from the 2011-12 estimated outcome is due to the completion of capital works projects.
- payables: the increase of $0.304 million in the 2011-12 estimated outcome from the original budget is due to the timing of invoicing from creditors for projects due for completion at the end of the financial year.
Statement of Changes in Equity
Variations in the statement are explained in the notes above.
Cash Flow Statement
Variations in the statement are explained in the notes above.
201213 Budget Paper No. 41Exhibition Park Corporation